Appear (APR) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue rose 30% year-over-year to NOK 183.1 million, with year-to-date revenue up 36.1% to NOK 616.3 million, surpassing the previous full year.

• Strong momentum across all regions, driven by Tier 1 customer wins, major sports contracts, and expanding partnerships with broadcasters and content owners.

• Successfully listed on the Oslo Stock Exchange in November 2025, raising NOK 99.8 million and welcoming over 5,000 new shareholders.

• Preparing for the VX product launch in Q4 to bridge broadcast and cloud workflows, with new product launches and regional Centers of Excellence supporting growth.

Financial highlights

• Q3 EBITDAC was NOK 32.6 million (17.8% margin), impacted by IPO costs; YTD EBITDAC was NOK 122.4 million (19.9% margin), with underlying margin at 21.0%.

• Q3 operating profit was NOK 45.2 million (24.7% margin); net profit NOK 28.9 million; EPS NOK 0.78.

• Free cash flow in Q3 was NOK 110.9 million, with year-to-date free cash flow at NOK 79.3 million, up 20.7% year-over-year.

• Gross margin in Q3 was 73.8%, with year-to-date gross margin at 72.1%.

• Available liquidity at quarter-end was NOK 318.3 million, with no interest-bearing debt and an equity ratio of 60.8%.

Outlook and guidance

• 2025 revenue guidance is reaffirmed at ~NOK 800 million, with Q4 expected to be similar to Q3.

• Medium to long-term targets: 25%-30% annual revenue growth, recurring revenue share of 15%-25%, gross margin around 70%, and EBITDAC margin of 17%-20%.

• Margin headwinds from U.S. tariffs expected to be partly offset by product mix, pricing, and recurring revenue.

• Confident in near-term execution and long-term growth, focusing on profitable growth, software expansion, and disciplined operations.

• Americas expected to remain the main growth engine, with EMEA and Asia-Pacific also contributing significant growth.